In the dazzling world of high-jewelry, brands are vying for the top spot in a fiercely competitive market. To shine among the rest, it's essential to keep a watchful eye on your position in the global arena. Are you keeping tabs on your competitors both locally and worldwide? Without this crucial intel, you could be missing out on opportunities to boost your brand's performance and claim your place as a true gem. So, stay ahead of the game and make sure you know how you stack up against the competition.
Looking ahead to 2023, there are a number of challenges on the horizon, including rising expenses, a potential economic downturn, and increased concerns about global politics and interest rates. Despite these obstacles, the luxury jewelry industry remains strong and resilient. According to The New York Times, the global market for fine jewelry and high-end costume pieces is expected to exceed $60B by 2023, which represents a significant increase over projected 2022 levels. Additionally, McKinsey & Company reports a shift in luxury brand dominance from Asia to North America, with high-jewelry brands already seeing a market share shift towards the Americas. Despite the uncertain economic climate, the luxury jewelry industry appears to be flourishing, with strong growth projections and shifting market trends that indicate a bright future ahead.
From the Golden Globe Awards to the Academy Awards, the red carpet season is in full swing from January to March across the US and EMEA. For high-jewelry brands, this is a prime opportunity to showcase their exquisite pieces to a global audience. The high-profile nature of these events means that celebrities adorned in these brands' jewelry are captured by the media and shared widely on social media platforms. This creates unparalleled brand exposure, ultimately leading to increased sales and revenue. So, let's dive into how high-jewelry brands leverage red carpet events to elevate their brand image and reach new heights of success.
Which 5 High-Jewelry Brands have been Selected?
This insight provides a benchmarking analysis on five successful high-jewelry brands in Q1 2023, utilizing our proprietary algorithm, Media Impact Value™ (MIV®), to measure and benchmark the impact of all media placements and mentions across various voices during a selected period.
- David Yurman
- Graff Diamonds
- Anita Ko
The infographic below displays the ranking of the five selected high-jewelry brands and the number of placements they had in Q1 2023. These placements factor in social media posts and articles related to specific search queries, as well as consumer interactions with posts, such as tags and comments. It provides a clear picture of some brand's performance in comparison to others in the industry, allowing you to identify opportunities for growth and maximize your impact.
Voice Mix Benchmark for the High-Jewelry Brands
This infographic represents the Voice Mix Benchmark by MIV® for the five high-jewelry brands in Q1 2023.
The Voice Mix is a metric that provides the percentage of each of the five Voices that consumers are exposed to Media, Influencers, Celebrities, Partners, and Owned Media. The rate is based on the total MIV®, which each Voice generated for the high-jewelry brands. An awareness of this Voice Mix gives brands a better strategic understanding of the best tactics for themselves or their competitors.
Read on to find out more about the competitive benchmarking and analysis of these five high-jewelry brands.
In order to craft a successful marketing strategy for David Yurman, a thorough analysis of the brand's performance is imperative. During Q1 2023, David Yurman - a renowned name in the luxury jewelry industry, showcased remarkable growth, with an overall performance boost of 36% as compared to the previous quarter. The brand achieved a total of $10.3M in MIV® across 2.6K placements throughout Q1, indicating a promising performance in the market.
The US market proved to be the most lucrative, contributing a significant sum of $5.2M to the brand's total MIV®. This can be attributed to the presence of high-profile celebrity ambassadors who helped to generate interest and demand for the brand in this market. Furthermore, it was observed that the Instagram channel delivered the highest global MIV® of $4M, with Online and Print Editorial following closely behind at $3.4M and $1.4M, respectively. This data underscores the importance of prioritizing Instagram in a marketing campaign that seeks to effectively utilize the Celebrity Voice to promote the brand.
David Yurman's success can be attributed to its strategic utilization of different Voices. Notably, the Media Voice proved to be highly effective, generating $5.6M in MIV® across 1.8K placements, while the Celebrity Voice also contributed significantly, generating $2.9M in MIV® across 25 placements. An example of an effective strategy employed by David Yurman was its collaboration with celebrity ambassadors Scarlett Johansson and Shawn Mendes. David Yurman's Owned Media Instagram account utilized a cross-Voice strategy to showcase Shawn Mendes' collaboration with the brand at the Oscars, thereby also leveraging the power of the Celebrity Voice to promote the brand to a wider audience. By implementing such a targeted approach, David Yurman can effectively maximize its MIV® and capitalize on the strengths of various Voice types to create a cohesive and impactful marketing campaign.
Graff Diamonds secured the second position on the ranking. The brand generated a substantial $5.8M in MIV® across 1.6K placements, highlighting its strong market presence and appeal to consumers.
Notably, Graff Diamonds performed exceptionally well in the Chinese market, where it generated a significant $1.1M in MIV®, followed by the US with $817K and the UK with $711K. On that note, Graff was one of the only brands that didn’t significantly leverage red carpet events during this first quarter of 2021. Leveraging red carpet events can be a highly effective marketing strategy for high-jewelry brands, providing a platform to showcase your brand to a global audience, differentiating your brand from your competitors, and positioning yourself as a luxury, high-end brand associated with glamor and success.
Notably, the brand's Media Voice emerged as a significant contributor, generating $4.1M in MIV® across 1.3K placements, which accounts for 71% of its total MIV®. This highlights the brand's ability to leverage the power of the Media Voice to effectively increase its brand awareness and visibility. In contrast, the Influencer Voice, which had a higher average MIV® per placement, generated $809K in MIV® but was not as profitable for the brand due to fewer placements. Similarly, the Celebrity Voice contributed a modest $260K in MIV® across a mere 11 placements, underscoring the need for a more comprehensive approach to leveraging this Voice type. By continuing to prioritize and fine-tune its utilization of the Media Voice, Graff Diamonds can potentially maintain its impressive MIV® performance and drive sustained growth in the high-jewelry market.
Graff Diamonds' MIV® success was heavily influenced by their celebrity and influencer Voices. The top influencer for the brand was Lera Levinski, generating $201K in MIV® from one Instagram placement. Two celebrities, Seveen Nessim (Youssra) and Gabrielle Union-Wade, also contributed to the brand's success with $102K and $88.4K respectively. This highlights the potential for Graff Diamonds to continue building influential relationships with recognized personalities to expand their reach and tap into a wider audience. Celebrity endorsements can be incredibly valuable, particularly when high-jewelry brands are worn on the red carpet, as it helps to establish the brand as a luxury, high-end product associated with sophistication and success. Prioritizing key red carpet events could serve as an effective strategy for Graff Diamonds to leverage their celebrity and high-jewelry offerings to boost their overall brand awareness and MIV®.
In the Q1 2023 high-jewelry ranking, Mikimoto, the popular Japanese brand, secured the third spot with an impressive $5.7M in MIV® across 1.9K placements. Analyzing Mikimoto's performance, the brand's strong presence in China was a significant contributor to its success, generating $1.4M in MIV® for the brand. Meanwhile, the US market also proved to be highly profitable for Mikimoto, with $1M in MIV®. By identifying these key markets, Mikimoto can continue to develop its marketing strategies to capitalize on these lucrative locations and further boost its MIV®.
Mikimoto's success in generating over $5.7M in MIV® across 1.9K placements in Q1 2023 can be attributed to its effective marketing strategies, particularly its utilization of key red-carpet events and social media. By establishing reliable relationships with Partners, Influencers and Celebrities, Mikimoto has leveraged the power of social media to build a loyal following. The brand's Voice mix reflects the success of this strategy, with the Influencer Voice contributing $996K in MIV® and the Partner Voice generating $527K in MIV®, particularly through its collaboration with Marc Jacob.
The Celebrity Voice also contributed $327K in MIV® across just 18 placements, with actress Zooey Deschanel's placement at the Academy Awards party being one of the top placements for the brand. This demonstrates Mikimoto's growth potential in building influential relationships with recognized personalities to further boost its brand awareness and visibility.
Anita Ko has secured fourth place in our selected high-jewelry ranking. In Q1 2023, the brand exhibited remarkable growth, generating $5M in MIV® across 945 placements, indicating a 41% increase compared to the previous quarter. The brand's geographic distribution reveals that the US was its most profitable market, contributing $2.7M to its total MIV®, followed by Germany with $733K and the UK with $442K. This growth is indicative of the brand's ability to expand its presence and increase its market share, particularly in key markets such as the US and Europe.
Anita Ko's brand performance can be attributed to its effective utilization of Media Voice and Celebrity Voice. The Media Voice contributed significantly to the brand's success by generating the highest MIV® of $3.8 million across 743 placements. Additionally, the Celebrity Voice generated $943K in MIV® across only seven placements.
While the Media Voice emerged as the most successful Voice in terms of MIV®, it is important to consider the average MIV® per placement of all Voices while devising future marketing strategies. When planning marketing campaigns, it is important to take into account that the other Voices exhibited a higher average MIV® per placement, which is notable.
The Channel mix adopted by Anita Ko's brand reveals a concerted effort to enhance Media coverage, as evidenced by the predominance of the Online Channel. This channel not only accounted for the majority of placements, with a total of 583, but also generated the highest MIV® of $2.8 million. The brand's utilization of Instagram as a marketing Channel was also noteworthy, with an overall MIV® of $1.2 million. Among the top placements on this platform, the post by Celebrity Voice actress Kaley Cuoco at the Critics Choice Awards generated $382K in MIV®, followed by American Comedian Chelsea Handler, who garnered $356K across two posts at the same event. This highlights the brand's strategic use of various Channels to maximize its Media coverage and generate significant MIV®.
In this high-jewelry ranking, Tasaki generated a total of $4.3 million in MIV® across 1.5K placements during Q1 2023. As a Japanese brand renowned for its advanced diamond polishing technologies, it is noteworthy that its most successful market was Japan, where it garnered $1.6 million in MIV®. The brand's presence in the APAC market was further evident through its performance in China, where it generated $1.3 million in MIV®. These findings highlight Tasaki's strong market position in the APAC region and its successful implementation of marketing strategies aimed at generating substantial MIV®.
Tasaki can attribute their success to effectively utilizing the Media Voice, resulting in 1.2K placements and $3.6M in MIV®. In comparison, the Influencer Voice generated $346K in MIV® across 186 placements, and the Celebrity Voice generated $282K in MIV®. It is worth noting that Tasaki's collaboration with actress Nicola Coughlan at the Newport Beach Film Festival was the most successful campaign for the brand. Coughlan proved to be a top key Voice for the brand, accumulating $242K in MIV® and securing two posts among the top three placements for the brand.
How to Benchmark your High-Jewelry Brand
This insight aims to help you gain more awareness about successful marketing strategies. It also demonstrates tactics some of the best high-jewelry brands use to optimize their brand performance globally.
Do you want to learn more about your brand's position? How it compares to your competitors? For that, you need a deeper dive into your brand's performance analytics. Doing so, you can gain valuable insights into your campaigns' effectiveness and identify areas for improvement.
If this insight has sparked your interest, start benchmarking your high-jewelry brand today by clicking on the link below.